–Who is afraid of Greece leaving the euro — and why? Sunday, Jun 14 2015 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●The single most important problem in economics is
the gap between rich and poor.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive, and the motive is the Gap between the rich and the rest..

=========================================================================================================================================================================================================================

By the time you read this, Greece may already have decided to quit the euro, or the euro may have decided to quit Greece.

Or Greece may have found a way to extend its slavery to the Troika, and further decimate its citizens, for another few years.

Not all EU nations use the euro. In fact some rather happy and successful nations have been clever enough to avoid the euro’s tentacles: Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, Sweden, and the United Kingdom.

If so many EU nations already do not use the euro, why all the terror about Greece leaving the euro?

Why These European Countries Don’t Use The Euro
By Shobhit Seth | May 05, 2015

EU nations are diverse in culture, climate, population, and economy. Nations have different financial needs and challenges to address.

The common currency imposes a system of central monetary policy applied uniformly. What’s good for the economy of one eurozone nation may be terrible for another.

Most EU nations that have avoided the eurozone do so to maintain economic independence.

Here are a few reasons why many EU nations don’t use the euro:

Independence in Drafting Monetary Policies: The UK, a non-euro county, may have recovered from the 2007-2008 financial crisis by quickly cutting domestic interest rates in October of 2008. In contrast, the European Central Bank waited until 2015 to start its quantitative easing program.

Independence in Handling Country-Specific Challenges: Greece, for example, has high sensitivity to interest rate changes, as most of its mortgages are on variable interest rate rather than fixed. However, being bound by European Central Bank regulations, Greece does not have independence to manage interest rates.

Independent Lender of Last Resort: A country’s economy is highly sensitive to the Treasury bond yields. Non-euro countries have the advantage here. They have their own independent central banks which are able to act as the lender of last resort for the country’s debt.

Independence in Inflation-Controlling Measures: When inflation rises in an economy, an effective response is to increase interest rates. Non-euro countries can do this.

Independence for Currency Devaluation: Devaluing the nation’s currency makes exports cheaper and more competitive and encourages foreign investments. Non-euro countries can devalue their respective currencies as needed.

Exactly. The euro concept is wonderful, so long as there are no problems.

Eurozone nations first thrived under the euro.

The common currency brought with it the elimination of exchange rate volatility (and associated costs), easy access to a large and monetarily unified European market, and price transparency.

But as soon as each nation began to experience individual problems, different from its neighbors’ problems, the euro concept fell apart.

Why were the great economists of Europe unable to see that? Why did they not understand that Germany is different from France, which is different from Greece . . . etc?

Why did they not foresee that the solutions to one nation’s problems might be inappropriate to the problems of another nation? Surely, this was obvious, from the start.

Why did I, from far across the ocean, see the problems way back in 2005, when in a speech, I said, “Because of the Euro, no euro nation can control its own money supply. The Euro is the worst economic idea since the recession-era, Smoot-Hawley Tariff. The economies of European nations are doomed by the euro.”

This did not require any great insight on my part. It should have been clear even to the most casual observer. In adopting the euro, a nation surrenders the single, most valuable asset it has: It’s Monetary Sovereignty.

Nothing — not its natural resources, not its military, not its science and education, not even its population — is as valuable to a nation as its Monetary Sovereignty.

Given Monetary Sovereignty, a nation has the power to buy anything, sell anything, control inflations, prevent recessions, reduce poverty and make its citizenry wealthy.

Yet, the euro nations voluntarily surrendered their Monetary Sovereignty in exchange for easy trade. And now the euro, with its “easy trade,” predictably has turned into a mouthful of ashes

Was it stupidity, or was it something else?

As Sherlock Holmes said, “When you have eliminated the impossible, whatever remains, however improbable, must be the truth?”

I submit that it is impossible for so many economists to have been so stupid as not to see the obvious shortcomings of the monetary non-sovereignty the euro requires.

And I submit further that it remains impossible for so many economists to remain stupid, despite those shortcomings being played out, right in front of their eyes.

So if it is not stupidity, what remains is intent.

The leaders of the Troika, together with the leaders of the euro nations, actively want the citizens of Europe brought to their knees.

Who are the leaders? They are the same in every nation. They even are the same here in America.

The leaders are the very rich (the .1%), who want the Gap between the rich and the rest widened.

The Gap is what makes the rich rich, and the wider the Gap, the richer they are.

The rich are the ones who prevent America from using its own Monetary Sovereignty to grow the economy and to benefit the populace.

The rich bribe the politicians, the media and the economists to spread the Big Lie that the U.S. government is too big, can run short of dollars, and should cut its deficits.

By pretending that the finances of our Monetarily Sovereign government are the same as the finances of us monetarily non-sovereign folk, the rich brainwash the populace into accepting the bitter “medicine” of austerity.

To cure an anemic economy, the rich always prescribe economic leeches — reduced deficit spending, reduced Social Security, reduced Medicare, reduced aid to the poor, etc. — to drain us of our financial blood.

Making slaves of the monetarily non-sovereign Greeks, the French, the Spanish — even the Monetarily Sovereign British and Americans — et al is good for the rich. The more slaves the better, and their poverty makes the very rich even richer.

The greatest fear of the rich is that Greece will leave the euro, become prosperous, and demonstrate the utter bankruptcy of the euro. Then other nations will be tempted to follow, and the gravy train ride will end for the very rich.

Whenever you see something economically bad happening, always ask yourself, “Who benefits?” The answer inevitably will be: “The very rich.”

And who is hurt? The answer will be, “The rest of us.”

Rodger Malcolm Mitchell
Monetary Sovereignty

==========================================================================================================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded free Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Federally funded, free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (the “.1%”) more, with higher, progressive tax rates on all their forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

Initiating The Ten Steps sequentially will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.-

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK

Long term view:
Monetary Sovereignty

Recent view:
Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Here is your test: What kind of state government do you have? Think. Monday, May 11 2015 

Twitter: @rodgermitchell; Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●The single most important problem in economics is
the gap between rich and poor.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.

=========================================================================================================================================================================================================================

Let’s say you are the governor of a state, and the federal government said to you:

“We will send you millions of dollars for your state. You can use those millions to pay salaries, buy services and buy equipment in your state, to stimulate your state economy.

“Those millions will help grow and improve your hospitals, pay for more doctors, nurses and other medical service providers, and pay for untold numbers of goods and services, in your state.

“The millions then will flow throughout your state, stimulating virtually every business, and benefiting virtually every citizen of your state.

“And it won’t cost you a penny for five years.

“Then, even after that five-year period, your cost will be only 10% of what we continue to send you, so if we send you $100 million, you only will have to spend an additional $10 million in your state.

“Finally, this money will help thousands of your poorest citizens receive medical care they now cannot afford — all at no cost to you.

What would you say, as the governor who was elected to provide the best for the people of your state?

Think.

On the other hand, if you were a governor who cared nothing about your state or the people in it — especially the poor people — a governor who was so locked into political hatred you were willing to throw away hundreds of millions, if not billions of dollars, just for political spite — what would say?

Think.

Look at the map and graphs below, which you also can find here, to see what kind of state government you have:

monetary sovereignty

This is your test: Aside from caring nothing for the health and prosperity of the citizens of their state, what else do the brown-colored state governments have in common?

Think.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Federally funded, free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

Initiating The Ten Steps sequentially will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Jimmy Carter unknowingly explains the real problem in Gaza — in one sentence Saturday, May 2 2015 

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.

==========================================================================================================================================================================================================================

In just one sentence, Jimmy Carter articulated the real problem in Gaza. He just didn’t realize it.

Former President Jimmy Carter: Gaza situation ‘intolerable’

JERUSALEM (AP) — Former U.S. President Jimmy Carter said Saturday that eight months after a bloody war in the Gaza Strip the situation there remains “intolerable.”

Carter and his delegation were supposed to visit the isolated territory but earlier this week called it off citing unspecified security concerns.

Speaking to reporters in Jerusalem, Carter said he was still determined to work for a Palestinian state in the West Bank and Gaza.

Those “unspecified security concerns” meant Carter felt he wasn’t safe in the very land he says should be an independent state.

This is the land that vows to destroy Israel, but at the same time, Carter wants Israel to grant it more land for rocket launches.

And here is the definitive Jimmy Carter statement about Gaza and Palestine:

“What we have seen and heard only strengthens our determination to work for peace,” he said. “The situation in Gaza is intolerable.

“Eight months after a devastating war, not one destroyed house has been rebuilt and people cannot live with the respect and dignity they deserve.”

Think about it. In eight months, Hamas has not rebuilt one house. Meanwhile, its work has been going forward furiously to build bigger, stronger, longer attack tunnels.

That is where all that concrete, Israel allow to enter, has gone — concrete Hamas said it would use for house-building, has been diverted for terrorist tunnels.

Is is any wonder the people of Gaza cannot live with respect and dignity? They live under a cruel and aggressive terrorist regime that cares nothing for peace, and cares nothing for the people of Gaza. In fact it uses its own civilians as human shields, when it fires its rockets.

Carter and the political innocents worldwide may wish for a “two-state solution.” They complain Israel does not allow it.

But this is not what Hamas wants. For Hamas, the sole goal is the destruction of Israel, regardless of the pain that effort causes its own people.

Not peace. Not the adorable “two-state solution,” so beloved in the imaginations of the naive left and on college campuses.

No, Hamas wants only the power that comes with telling its people that somehow, their salvation lies with the destruction of Israel, and the death of all Jews.

“Not one destroyed house has been rebuilt.”

Jimmy Carter, the perennial apologist for terrorism and critic of Israel, could not have explained it better.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Federally funded, free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

Initiating The Ten Steps sequentially will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

–Do you, or someone you know, have type 1 diabetes? Read about this miracle: Friday, May 1 2015 

Mitchell’s laws:
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The more federal budgets are cut and taxes increased, the weaker an economy becomes. .
Liberals think the purpose of government is to protect the poor and powerless from the rich and powerful. Conservatives think the purpose of government is to protect the rich and powerful from the poor and powerless.
●Austerity is the government’s method for widening
the gap between rich and poor.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Everything in economics devolves to motive,
and the motive is the Gap.
==============================================================================================================================================================================

Word-search the post titles on the left side of this blog, and you will find several posts that include the words, “Never will know.”

They all allude to the same phenomenon: It’s hard to identify when something is missing. For instance, when the federal government unnecessarily “saves” money by cutting funds for Research & Development, there is no way to know what that has cost you.

The politicians love to talk about federal “savings,” but never mention what has been lost — because neither they, nor you, can identify those losses. R&D is done on faith. Some R&D produces value; most doesn’t.

But every scientific advance in human history has resulted from some sort of R&D, for which there were no guaranteed returns.

Case Study: Lilly Jaffe
Lilly Jaffe, of Chicago, was diagnosed with type 1 diabetes more than ten years ago, at the tender age of one month. What has happened to Lilly over the past few years is remarkable….

In 2006, her parents Laurie and Mike had attended the annual meeting of Juvenile Diabetes Research Foundation’s Illinois Chapter, where Dr. Louis Philipson, of the University of Chicago, presented an update in diabetes research.

He mentioned a study out of the U.K. that showed that some children diagnosed with diabetes in their first six months of life actually don’t have type 1 autoimmune diabetes, but instead have diabetes characterized by a rare genetic mutation that in about half the cases can be treated with a common oral medication.

A month after that, Lilly was admitted to the University of Chicago’s Clinical Research Center to begin a week-long program to see if the oral treatment could work for her.

She began a small dose of the medicine and her insulin dose was cut in half. Over the course of the week, her oral medication was increased each day, and her insulin dose was decreased.

After a week, tests began showing that, indeed, Lilly had begun to produce insulin on her own — for the first time in her six and half years of life! Lilly_Jaffe

The Jaffes left the hospital that night — with Lilly still on a pump, but using dramatically less insulin.

About five days later, the pump came off, and Lilly had taken the last insulin shot she’ll ever need; that was four years ago. Since then well over 200 individuals around the world have been diagnosed with very similar mutations, close to 100 in the United States alone.

Here was a child whose parents had to test her blood sugar 10 times a day, waking up in the middle of the night, every night, pricking her with painful needles.

Lilly says, “I used to run away from my Mom. I’d be like, ‘Don’t stick me with the needle.'”

Lilly had a form of the disease generally under the umbrella “monogenic diabetes,” that was cured by a drug called sulfonylurea — a drug already in use to help manage Type 2 diabetes.

Consider all the R&D that preceded this discovery: All the gene research, all the chemical testing. All the millions of hours of expensive education that has led us this far — the more millions that will be needed to go further.

Then think of those who never became researchers, and never made discoveries, because they couldn’t afford school. So those discoveries never were made and lives weren’t saved.

US has been cutting medical research funding since 2004
Meanwhile, the rest of the world is investing more

The US’s investment in medical research between 2004 and 2012 declined significantly. The same can’t be said for the rest of the world, as global investment in biomedical research actually increased during that same period, according to a study published today in the Journal of the American Medical Association.

Between 2004 and 2012, the amount of (US) money for research decreased by 0.8 percent a year — as the US’s global contribution to biomedical research dollars dropped to 44 percent in 2012, from 57 percent in 2004.

And while the US was cutting its medical research investments, Asian countries increased their global investment by 7 percent.

This means that some discoveries never get to move ahead, because there’s no money to make it happen.

And here is where the problem lies:

The reasons for the decline in medical research aren’t straightforward. Part of it has to do with a change in the investment landscape, where industry has taken to funding projects that yield results over short periods of time.

But a bigger part of the reason lies in economic downturns that occurred in the early 2000s. “When the US federal government runs deficits, biomedical research is de-emphasized.”

For all those who accept the Tea Party / libertarian thesis that the federal government is too big, and that the private sector always does things better, the fact is: The private sector is ruled by the profit motive.

So unless the R&D looks like it will pay off (which is very difficult to determine), and pay off in a big hurry, the CEOs of major corporations and institutions will not approve the millions or billions of dollars a research project might require — and lead nowhere.

The investor worldwide has become impatient. As a result, the markets have rewarded short-term performance, and that means that a marketing dollar goes further than a science dollar.

The federal government is under no such limitations. Federal spending is constrained only by Congress and the President, not by any lack of dollars or potential profits.

Federal spending, federal deficits and federal debts never are “unsustainable,” the word used by those who either are ignorant of, or uncaring about, Monetary Sovereignty.

When you see it or hear it, you know you are being treated to the Big Lie.

If the US wants to ensure that the health of its citizens is taken care of in the future, or that research in the country won’t be hindered by non-US patents, the US needs to increase spending in biomedical research, and investment in health services research.

Every day, Research & Development saves the lives of the Lilly Jaffes of the world. And every day, the lack of R&D costs the lives of millions.

Years ago, Senator William Proxmire, mockingly issued the “Golden Fleece award 168 times for what he deemed wasteful spending.

No one knows how many people died unnecessarily, as a result of this exercise in ignorance.

In his book, Creativity Inc, Pixar President Ed Catmull spoke of the “chilling effect on research” The Golden Fleece Award exerts.

He argues that if you fund thousands of research projects, some will have measurable, positive impacts and that others will not.

It is not possible to know in advance what the results of every research project would be or whether the results would have value.

He further argues that failure in research is essential and that fear of failure would distort the way researchers choose projects, which would ultimately impede society’s progress.

Today, the Tea/Republicans, with aid from the libertarians and even compliant Democrats, proudly proclaim that federal deficit spending will decrease to where the government actually runs a surplus.

In other words, not only will federal cash infusions to the economy decrease, but the federal government soon will be taking money from the economy.

Does the federal government need this money? No, it has the unlimited ability to create dollars.

Does the private sector need this money. Absolutely.

The lack of funding will continue to impact R&D, not only medical, but ALL research.

For lack of R&D funding, you and those you know and love, will lead less fulfilling lives, suffer too much and die too soon. That is beyond question.

And you never will know why.

Rodger Malcolm Mitchell
Monetary Sovereignty

===================================================================================
The Ten Steps to Prosperity:

1. Eliminate FICA (Click here)
2. Federally funded Medicare — parts A, B & D plus long term nursing care — for everyone (Click here)
3. Provide an Economic Bonus to every man, woman and child in America, and/or every state a per capita Economic Bonus. (Click here) Or institute a reverse income tax.
4. Federally funded, free education (including post-grad) for everyone. Click here
5. Salary for attending school (Click here)
6. Eliminate corporate taxes (Click here)
7. Increase the standard income tax deduction annually. (Refer to this.)
8. Tax the very rich (.1%) more, with higher, progressive tax rates on all forms of income. (Click here)
9. Federal ownership of all banks (Click here and here)
10. Increase federal spending on the myriad initiatives that benefit America’s 99% (Click here)

Initiating The Ten Steps sequentially will add dollars to the economy, stimulate the economy, and narrow the income/wealth/power Gap between the rich and the rest.
——————————————————————————————————————————————

10 Steps to Economic Misery: (Click here:)
1. Maintain or increase the FICA tax..
2. Spread the myth Social Security, Medicare and the U.S. government are insolvent.
3. Cut federal employment in the military, post office, other federal agencies.
4. Broaden the income tax base so more lower income people will pay.
5. Cut financial assistance to the states.
6. Spread the myth federal taxes pay for federal spending.
7. Allow banks to trade for their own accounts; save them when their investments go sour.
8. Never prosecute any banker for criminal activity.
9. Nominate arch conservatives to the Supreme Court.
10. Reduce the federal deficit and debt

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia.
1. A growing economy requires a growing supply of dollars (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. All deficit spending grows the supply of dollars
3. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
4. The limit to non-federal deficit spending is the ability to borrow.

THE RECESSION CLOCK
Monetary Sovereignty

Monetary Sovereignty

Vertical gray bars mark recessions.

As the federal deficit growth lines drop, we approach recession, which will be cured only when the growth lines rise. Increasing federal deficit growth (aka “stimulus”) is necessary for long-term economic growth.

#MONETARYSOVEREIGNTY

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